Proctor : June 2017
25 PROCTOR | June 2017 QLS Council has arranged with Lexon to again make top-up insurance available to QLS members who would like the additional comfort of professional indemnity cover beyond the existing $2 million per claim provided to all insured practitioners. This option is available at very competitive rates and practitioners have the choice of increasing cover under the Lexon policy to either $5 million or $10 million per claim. This offering comes with the full backing of Lexon and ensures access to its class-leading claims and risk teams in the event you require their assistance. Benefits include: • greater protection in the event of a significant loss event • follow form cover • no need to notify a claim or circumstance twice • you only deal with Lexon – the Queensland profession’s insurer • competitive pricing • simplified application process. If you are interested, please speak with the Lexon team or go to lexoninsurance.com.au for more details including our privacy statement and important information about our ASIC class order relief. Getting ready for the end of year – practice changes (mergers, acquisitions, splits and dissolutions) The end of the financial year is the most active time for practice changes including purchases, mergers, amalgamations, takeovers, transfers, splits of partnership, entity transitions (for example, firm to ILP), principals (or former principals) leaving or joining, dissolutions, or the recommencement of a former practice. Given this, it is an opportune time to remind practitioners that as part of their due diligence prior to undertaking such changes they should consider the potential impact of the prior law practice (PLP) rule which ensures a practice (and its relevant successor) retains responsibility for the insurance consequences of a claim made against it. There are potentially significant financial consequences (in terms of levies and excesses) which should be borne in mind when considering such changes. Law practices are strongly encouraged to understand the options available to manage these consequences. Details can be found in Buying & Selling and Acquisition Endorsement information sheets available on the Lexon website. Top-up insurance now available! June hot topic Lexon Insurance Pte Ltd ARBN 098 964 740 Incorporated in Singapore Registration No: 200104171C Russell John (‘Russ’) Neville joined the Lexon board on 1 February 2006 and served the profession as a director until retiring due to ill health on 31 December 2016. Sadly, Russ passed away on 6 April 2017. Russ was a leading insurance broker in Queensland and brought more than 40 years’ insurance experience to Lexon via his work in the corporate sector where he placed complex insurance programs into the insurance markets of London, Europe and the United States, including those of captive insurers which he either established or managed. His broking experience extended into the professional and medical indemnity fields. During his career Russ established several successful broking practices and for some years was managing principal of Marsh (Qld) Pty Ltd. During his time at Lexon Russ served on the Underwriting & Risk Committee, the Audit & Investment Committee and the Legal Panel Committee. He was a strong advocate for safeguarding both the independence and capitalisation of Lexon. As can be seen from Lexon’s current strong position, Russ was successful on both fronts. Lexon extends its sympathies to his wife Wendy, daughters Vanessa, Georgina and Bronte, and his extended family. Vale Russ Neville Lexon Insurance Pte Ltd is a wholly owned subsidiary of Queensland Law Society.